GLOBAL/UK - Actuarial and investment consultancy Punter Southall (Punter) - a unit of South African group Sanlam Financial - is to merge with UK-based actuarial consultants, BGJ & Co.
This is Punter’s second merger deal since it joined forces with Sanlam’s London-based international multi-manager business io investors in December 2000. Terms of the latest deal were not disclosed.
Wokingham-based BGJ was established by John Batting, Edwin Bruce-Gardner, David Gulliver and Gareth Jones in 1993. The firm has a team of around 70. The business will now operate under the new name of BGJ Punter Southall & Co. All four founder members will become principals of BGJ Punter Southall & Co, and will also take up management positions within the wider group.
Punter Southall & Co, founded by Jonathan Punter and Stuart Southall in 1988, now has over 240 staff at offices in Birmingham, Boston USA, Edinburgh, Guildford and London.
Under the Sanlam Financial Services umbrella, this business group now also includes PSFM (independent financial advisers), PS Ashland (performance verification specialists), PSolve (financial and asset consultancy) and Hichens Investment Management (discretionary investment managers).
Commenting on the merger, Stuart Southall, chairman of Punter Southall & Co, said that the move aimed to consolidate the firm’s existing presence in the pensions consulting market “at a time when many of the other major firms are re-focusing on human resource consulting.”
“Both businesses have achieved steady growth over the years since they were set up and both share similar philosophies. Clients have access to the highest levels of professional advice where the most senior actuaries remain closely involved with client related issues,” he added.
Managing Director of BGJ John Batting said: “We see this as the best way of moving forward by providing more scope to our clients and to our staff.
With the recent evolution of different forms of pensions provision we had already recognised a logical need to be able to deploy the kind of diversified approach that Punter Southall takes.”
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